The Importance of a Solid Business Plan

Most businesses start with a great idea. To bring those ideas to life, the first step is to write a solid business plan. What is a business plan, you might ask? A business plan is an important part of any successful business because it outlines the goals of that business, how those goals will be met, and the timeline for completion. If a business plan is not in place, your team will not have a guidebook to steer them along in the treacherous waters of day-to-day tasking and the results can be devastating.

Risks of Mismanaging Your Business

Your business plan is used to build the foundations of your business policies, mission statement, and corporate culture. If you do not create a business plan then you risk the chances of financial mismanagement, which can cause severe consequences for businesses. The result can end in a poor reputation, unhappy and disgruntled employees, and ultimately a decrease in sales. When you write your business plan, above all else, the business plan should be custom to you and your goals. Utilize your resources and your team’s skillset. A key element of a business plan is, you guessed it, the budget. Plan a budget for marketing, payroll and overhead. Some businesses hire lawyers to write their business plans.

Discover Your Business’s Goals

1. How Will You Nurture Your Team?

Your team is one of your most valuable assets. Maintaining a high-quality workplace culture is important for growth. Offering benefits and competitive salaries is crucial to a business’s online reputation. When you value your employees you will naturally help your team reach personal goals to enhance the operation of your organization. Bring the best talent possible onto your team and let them shine!

2. Where Does Branding and Marketing Fit in?

Having a well-designed brand is crucial to your success If you want to succeed, you must also invest in marketing. Create a brand, develop an advertising plan, build a social media presence, craft a well-designed website, and build your network. There are many cost-effective ways to market your business. Set realistic expectations, aim to achieve your goal, and systematically reevaluate your marketing strategies as often as possible.

How to Use a Business Plan to Build a Funding Pipeline

Now that you have a professional business plan you can secure funding to build your business. While there are many ways to generate funding, like networking for your business or business loans. However, grants provide funding that you do not have to pay back. Many grant applications require a budget to be submitted. Locate a grant with the SMART Advanced Search filter. Search by recipient type, location, category interests, funding source type, and deadline date. Furthermore, utilize grant categories like Capital Funding, Entrepreneurs and Startups, and BIPOC for your business. Each grant process is different based on the grant funder. On the grant detail page, you will see eligibility requirements, the deadline, the application, and more. Once you apply for a grant it is recommended that you add the your grant applications is by using the GrantWatch Personalized Grants Calendar. 

About GrantWatch

With close to 8,000 grants currently available, GrantWatch.com is the leading grant listing directory. Upgrade to a MemberPlus+ plan to view the full details of current grants, including eligibility criteria and application information. For more information, you can also visit the GrantWatch FAQ page. To see the great value of the top 20 GrantWatch features, click here.